LAS VEGAS--(BUSINESS WIRE)--The leader in high-assurance digital identity verification, Socure, today announced that it will become the first company to eliminate third party identity fraud. To support this claim, they will unveil three key product enhancements within its Socure ID+ platform at Money 20/20. Exhibiting at Booth #4326, the company will offer attendees in-person demos of its expanded and improved product portfolio, while underscoring its commitment to eliminating identity fraud for financial institutions.
“Powered by artificial intelligence and machine learning, our platform is taking identity verification capabilities to the next level. Already, we have customers capturing 100% of the identity fraud found in the riskiest 3% of the population,” said Tom Thimot, CEO of Socure. “These enhanced versions of our highly trusted products will get us one step closer to completing our identity data set and officially eliminating digital identity fraud in the U.S.”
At the conference, the company will preview its latest ID+ Identity Verification Platform (v. 3.0), which features three of the highest performing products in the industry to date. This includes:
- Sigma Fraud Score – Achieve unmatched accuracy through advanced machine learning and AI, reducing fraud and manual review time by as much as 90 percent – and completely eliminating KBA.
- Document Verification – Through one simple step of identity proofing with a selfie and liveness detection, this sophisticated product adds an additional layer of security for customers, eliminating KBA fraud and abandonment rates in real-time.
- KYC/CIP – Setting a new standard for identity verification, this enhanced product outperforms all legacy providers with greater than 90 percent auto-approval rates thanks to proprietary ML techniques to aggregate identities across heterogeneous data.
“When we started Socure, we were told that we could never reach higher than 90% AUC, our aggregate measure of anti-fraud performance across all possible classification thresholds,” said Pablo Abreu, SVP of Data Science at Socure. “We took that as a challenge. Now we are reaching the inevitable accuracy of moving from a probabilistic to a deterministic system. Today, we are at 97.2% AUC and are steadily improving 1.5-2.0% AUC every six months. Once our accuracy reaches 99.9% AUC, identity fraud will essentially be eliminated as an issue for our customers.”
Named to Forbes’ 2019 AI 50 list as one of America’s most promising AI companies, and a recent winner of API World’s Best Data API, Socure’s technology applies artificial intelligence and machine learning techniques with trusted online/offline data intelligence from email, address, phone, IP, social media and the broader Internet to verify identities in real-time. Customers include three of the top five U.S. banks, seven of the top 10 U.S. card issuers, as well as the majority of leading digital banks, lenders and insurers across the U.S.
As part of its 5 Star sponsorship at the conference, Socure is also hosting the conference’s poolside reception on Sunday, October 27, from 7:00 PM – 10:00 PM. Attendees of the conference are welcome to join the event taking place at The Palazzo Pool, located on Level 3 of the Palazzo Guest Tower near The Venetian.
About Socure ID+
Socure ID+ uses patented machine learning and artificial intelligence technologies to establish a trusted digital identity for online and in store applications. The company’s predictive analytics platform provides an instant, multidimensional view of customers and potential customers that allow organizations to automatically maximize overall approval rates, while minimizing fraud losses within their KYC, AML and Fraud programs. Socure’s ID+ combines multiple types of Machine Learning to continuously ingest, normalize and evaluate data from hundreds of online and offline data sources including credit bureaus, carrier phone records, IP addresses, social networks and more. This allows for real-time analysis of datasets at machine speed to achieve results far beyond the capabilities of humans and rules-based approaches. Socure was founded in 2012 and is headquartered in New York City with offices in San Diego, San Francisco and Chennai, India.